Bitcoin’s price in recent days has approached the $75,000 mark, yet it continues to encounter selling pressure at this critical level. On-chain data reveals that, even as Bitcoin attempts to break above this key resistance, major investors—known as “whales”—have accelerated their accumulation. According to prominent crypto analyst Crypto Patel, whales have acquired 270,000 BTC in just the past month. Experts say this is the largest collective accumulation since 2013.
Major investments and shrinking exchange reserves stand out
Massive buying activity has had a profound effect on available Bitcoin reserves held on exchanges. Recent figures indicate that Bitcoin reserves on exchanges have fallen to their lowest levels since December 2017. A decline in exchange-held BTC means fewer coins are immediately available for sale, which could potentially ease downward price pressure under current market conditions.
During this period of strong spot market demand, Bitcoin has seen notable short-term volatility. The price briefly dipped to $73,500 at the opening of US markets; facing renewed selling after failing to break past the $75,000 barrier, BTC quickly rebounded, recovering most of its losses and edging near that key level again.
Market observers are closely watching whether the persistent accumulation by whales and historically low exchange balances could pave the way for a new upward trend. As Bitcoin recovers from the $60,000–$65,000 range to retest the $75,000 zone, the inability to decisively surpass that resistance makes any potential breakout even more significant for the medium term.
The collective accumulation by whales over the past month, combined with the lowest exchange reserves since 2017, is emerging as a possible sign of a new rally among investors. However, selling pressure remains strong at the $75,000 resistance.
Futures and funding rates remain in negative territory
According to analytics firm Glassnode, Bitcoin’s seven-day average funding rate has dropped to around -0.005%, one of the most negative readings since 2023. Negative funding rates mean short-position traders are paying long-position holders, typically indicating the market is leaning bearish in the short term.
Historical data shows that deep negative funding rates often coincide with local bottoms in the Bitcoin market. As short interest builds up, a continued price rise can trigger liquidations that may spark rapid upward movements. Notably, in March and April—despite persistent negative funding rates—Bitcoin climbed from $60,000 to $75,000.
Geopolitical events and emerging market trends
Bitcoin has also responded swiftly to geopolitical headlines. Former US President Donald Trump’s announcement of a ten-day ceasefire deal between Israel and Lebanon delivered a positive jolt to markets. Many investors now see hope for broader regional negotiations involving the US and Iran. Following this development, Bitcoin rebounded from an intra-day low of $73,000 to $74,800.
Market structure data shows Bitcoin’s trading volume has outpaced that of altcoins for the past two months, a situation often associated with increased caution among investors. More recently, however, altcoin volumes have begun to rise, signaling a renewed appetite for risk among market participants.
Meanwhile, there has been a visible uptick in Bitcoin inflows to futures exchanges since March, reminiscent of patterns observed after the FTX collapse in late 2022.
Altogether, record whale accumulation, plummeting exchange reserves, and sharply negative funding rates have drawn renewed attention to whether Bitcoin could soon break above $75,000 and make a push toward $80,000.
